14084. Citizens National Bank (Long Branch, NJ)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 6038
Charter Number: 6038
Start Date: December 23, 1931
Location: Long Branch, New Jersey (40.304, -73.992)

Metadata

Model: gpt-5-mini
Short Digest: e2a7915e

Response Measures

Capital injected, Full suspension, Books examined

Other: Receiver appointed and later efforts to reopen via stock assessment and depositor capital drives; dividends paid during liquidation.

Receivership Details

Depositor recovery rate: 59.3%
Date receivership started: 1932-01-20
Date receivership terminated: 1941-10-18
Share of assets assessed as good: 23.1%
Share of assets assessed as doubtful: 65.8%
Share of assets assessed as worthless: 11.2%

Description

Local/regional panic following failure of Seacoast Trust and other nearby banks produced heavy withdrawals from Citizens National Bank, Long Branch, leading to suspension (Dec 23, 1931). Comptroller appointed a receiver (Jan 22, 1932). Receiver liquidated assets and paid dividends to depositors in 1933; the bank remained closed in liquidation despite efforts to raise capital and plans to reopen. No clear evidence bank resumed normal banking operations.

Events (7)

1. November 30, 1901 Chartered

Source: historical_nic

2. December 23, 1931 Run

Cause: Local Banks
Cause Details: Heavy withdrawals triggered by failure of Seacoast Trust Company and withdrawals from other regional banks; general unrest in Monmouth County.
Measures: Bank suspended business to conserve assets and reorganize (closure announced Dec. 23, 1931).
Newspaper Excerpt: The Merchants Trust Company of Red Bank the New Jersey Trust Company and the Citizens National Bank both of Long Branch, were closed ... Bank depositors continuing their heavy withdrawals from Monmouth County banks forced two more of the institutions in the Asbury Park district to close
Source: newspapers

3. December 23, 1931 Suspension

Cause: Local Banks
Cause Details: Suspension resulted from heavy withdrawals and regional banking unrest following failures of other local institutions (Seacoast Trust etc.).
Newspaper Excerpt: bank suspended Dec. 23, 1931.
Source: newspapers

4. January 20, 1932 Receivership

Source: historical_nic

5. January 22, 1932 Receivership

Newspaper Excerpt: Laig Named For Liquidation of Citizens' ... appointment was the several due in Monmouth county ... announced today by comptroller of currency. Appointment was for liquidation of Citizens National bank Long Branch announced today by comptroller of currency.
Source: newspapers

6. April 27, 1932 Other

Newspaper Excerpt: Citizens Receiver Told to Await Details of Reopening Plan. ... delay for claims creditors pending from the comptroller currency relative plan to reopen bank
Source: newspapers

7. August 1, 1933 Other

Newspaper Excerpt: $70,000 PAID OUT TO 3,000 CITIZENS BANK DIVIDEND ... First dividend checks ... on the closed Citizens National Long Branch during the first week ... Payments began Tuesday ... the closed bank's receiver reported dividends already paid the 3,000 persons
Source: newspapers

Newspaper Articles (18)

1. December 29, 1931 Asbury Park Press Asbury Park, NJ

Article from Asbury Park Press, December 29, 1931

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DUFFY GANGSTERS NATIONAL BANK RECEIVERS Grossman and Skale, Murder Witnesses, Men Arrested. FIND ONE WAS SLAIN WITH OTHER'S PISTOL Dec. (AP) Whether Sammy Grossman and Albert paid the gangland penalty for the Mickey their died fighting between themquestion for which police today sought an answer. today that the five bullets killed Albert last night came from pistol of Samuel Grosskilled almost instantly. He shot lice arrived the shooting his weapon. One cartridge was still ploded. fusillade of shots which rang out yesterday gambling den left slumped swivel chair his five his head. and Skale blood front window seriously wounded he died short gangsters been free in material witnesses in the Duffy which occurred in Atlantic City hotel summer. Six police are known have participated the garded some land execution. Five them are custody known authorHerman was being sought. Two those held, Harry Blum Raymond Boyne, hospital broken suffered leaping from the building in which the shooting occurred. The other three are Max Rice. keeper the gaming Whitey and Harry Silberberg, picked up Dying Involves Prisoner Both and the latter brother rival (Continued on Page Two) Considering Action For Three Institutions Closed Along Jersey Shore. EXAMINERS TO SUBMIT REPORT ON THE The work of rehabilitating suspended banks in the shore section going quietly today, With Comptroller John Pole considering the appointment of receivers for the national institutions and examiners of the state department banking and insurance ing thru the records of those under jurisdiction. The national banks are the Citizens National Long Branch: National Bradley and the Ocean Grove National The thoro examination of all books exhaustive task, pointed out especially the case the Asbury Park Ocean Grove and unlikely that the state examiners submit report Commissioner Frank Smith several board its conferences with view definite plan which may presented with the ports the examiners for the considerthe Deposits shore including funds which had been from various mount high and many banks were busy with new accounts. Pole Considers Appointments pointment receivers for three nationbanks in county by the comptroller the currency is expected within few At the office Comptroller Pole It (Continued on Page Two)

2. January 1, 1932 The Keyport Weekly Keyport, NJ

Article from The Keyport Weekly, January 1, 1932

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STATE WOULD COMPEL PLANT (Continued from first page) Irom which a revenue could be derived and that the return would barely pay the interest on the cost of making the extension. He said that would be necessary to celve at least 10 per cent return on the principal invested. We are quite willing. said Mayor Wyckoff, "to water at a profit and if you can show us a guarantee that will warrant making the extension the proposition will be considered. It was suggested that the Matawan Township Committee submit to the Borough Council a statement of what would Councilman Smith chairman of the Water Committee, in reporting on the feasibility of rebuilding and extending water mains on a portion of Fulton and Eighth Streets sug. gested that the Council as whole look over the situation and It was decided that this would be done Councilman Van Pelt reported progress on the matter of introducing ordinances providing for merchantile licenses and prohibiting the distribution of circulars The introduction of such ordinances had been requested by the Keyport Chamber of Commerce Mayor Wye. koff suggested that the Council have a conference with the Cham ber of Commerce on the matter and that the merchants of Keyport be invited to attend a meeting of the Council and express their individual opinions of the needs of such ordinances The matter of a compromise of tax liens on the George Crawford property was presented by Borough Attorney Howard W. Roberts The property was bid in at tax sale by Attorney Ezra W. Karkus for the benefit of the heirs to the estate Allen Poling represented the heirs at the meeting Monday night. The matter was referred to a committee consisting of Councilmen Camp. Smith and Van Pelt The financial statement of Collector Charles R. Davison showed that there was a balance of $8,896.71 in the general fund. $437.03 in the water account and $834.14 in the capital and trust account Bills to the aggregate sum of $7.977 45 were approved for payment. By resolution, an emergency appropriation of $284.20 was made for the care of the poor A water anticipation note for $1,300 was authorized. This note, given for three months. is payable at the Peoples National Bank An unexpended balance of the street appropriation of $843.62 the sum of $446.02 was transferred to the police appropriation and $397.60 to the sewer appropriation. accounts All excitement has entirely subsided. Many deposits were made to express confidence in the institution and a cial confidence was manifest in large private deposit made the first the Hon, Henry E. Ackerson, president of The Peoples National Bank when interviewed said, "We are deeply appreciative of the splendid confidence manifested at this time by the people of the community in the integrity and stability of the Borough's financial institutions The Matawan Bank is the eighth Lanking institution to close Monmouth County in less than week. The Seacoast Trust Company of Asbury Park was the first to close on Tuesday afternoon last week. The following day the Merchants Trust Company of Red Bank the New Jersey Trust Company and the Citizens National Bank both of Long Branch, were closed The fifth bank to suspend business was the Asbury Park and Ocean Grove Bank of Asbury Park and the following notice signed by George Compton a bank examiner was posted on the The of Banking and Insurance has taken of the business and property of the Asbury Park and Ocean Grove Bank The bank is state institution and is the largest in Monmouth County in the matter of resources which total more than $12,000,000 The combined resources of the other four banks according to the financial statements filed with the State Department of Banking and and Insurance on September 29 last amounted to $11,361,326 Bank depositors continuing their heavy withdrawals from Monmouth County banks forced two more of the institutions in the Asbury Park district to close immediately after the Asbury Park and Ocean Grove bank suspened business These were the First National Bank of Bradley Beach and the Ocean Grove National Bank The officers and directors of these banks said the institutions were sound. that the closings were necessary to conserve assets and that the banks would be reorganized at once and pay all demands in full They attributed the heavy withdrawals to the failure of the Seacoast Trust Company and the withdrawals from other banks that resulted. The general unrest was probably largely responsible for the closing of all the banks. along with the inability to realize on loans due to the depression and that business was suspended in the interest of depositors

3. January 1, 1932 Matawan Journal Matawan, NJ

Article from Matawan Journal, January 1, 1932

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RUMORS CAUSE OF BANK'S SUSPENSION (Continued from page one) phone calls from friends and strangers from all over the county expressing their confidence in his bank these times of stress and be was no small satisfaction to be able to look back upon the safe and conservative policy always followed with view of safeguarding the interests of the depositors happenings "The bank. established over 102 years ago, has for that long period been under the management of three generations of the same family and for over hundred years has had the same correspondto The First National Bank of New York; unquestionably the strongest bank in the world During the last 25 or 30 years its policy has been largely guided by James L. former president of The First National Bank of Red Bank, pronounced by the late George G. Baker. president of the First National Bank of New York. as the ablest financier in New Jersey, also by John Terhune, president of the Long Branch Trust unquestionably the strongest and most successful banking institution in the county and by its present president. The closing of The Matawan Bank caused small flurry at The Farmers and Merchants National Bank Saturday and Monday. largely by women, many of whom drew from their savings account and called for their safety deposit boxes This timidity did not take hold of the business men, of whom it was said the bank, every merchant from Bailey's store to the station made their customary Monday morning deposits There were not half the number demands that were expected, and for which large preparation had been made were registered. Instead of the anticipated many new accounts were opened by people throughout the county some of whom lived at considerable distance. Tuesday's payments were made in gold but there were few takers Keyport was not without some actions. but as in Matawan, these were not by the business men where was reported at both banks usual business deposits were made of very substantial nature. showing that the purchases must have had been largely made with the Keyport merchants No Keyport business man withdrew his account in either of their bankinstitutions Palmer Armstrong. president of the Keyport Banking Company. said the excitement in his bank was mainly among depositors who did not understand conditions and among some others who drew their savings accounts All excitement has entirely subsided. Many deposits were made to express confidence in the institution and sp # cial confidence was manifest in large private deposit made the first of the Hon Henry E. Ackerson. president of The Peoples National Bank. when interviewed We are deeply appreciative of the splendid confidence manifested at this time by the people of the community the integrity and stability of the Borough's financial institutions The Matawan Bank is the eighth banking institution to close Monmouth County in less than week. The Seacoast Trust Company of Asbury Park was the first close on Tuesday afternoon last week The following day the Merchants Trust Company of Red Bank, the New Jersey Trust Company and the Citizens National Bank both of Long were The fifth bank to suspend business was the Asbury Park and Ocean Grove Bank of Asbury Park and the following notice signed by George bank was posted on the bank Commissioner of Banking and Insurance has taken of the business and property of the Asbury Park and Ocean Grove Bank The bank is state institution and the largest in Monmouth County the matter of which total more than $12,000,000 The combined resources of the other four banks according to the financial statements filed with the Department of Banking and and Insurance September amounted to Bank depositors continuing their heavy withdrawals from Monmouth banks forced more institutions in the Asbury Park district to close immediately after the Asbury Park and Ocean Grove suspened These the First National Bank of Beach and the Ocean Grove Bank The officers and directors of these said the institutions were that the were necesassets and that and all demands full attributed with. the failure of the Trust Company and the from other banks that The general unrest was probably largely responsible for the closing banks with the

4. January 22, 1932 Asbury Park Press Asbury Park, NJ

Article from Asbury Park Press, January 22, 1932

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LONG BRANCH BANK RECEIVER IS NAMED Laig Named For Liquidation of Citizens' Other Institutions Monday. Jan. 22. pointment Howard Laig receiver closed Citizens National bank Long Branch announced today by comptroler of currency. Branch appointment was the several due in Monmouth county where liquidation and reorgantzation national banks progress. The comptroler said announcement receivers probwould made Monday.

5. April 27, 1932 Asbury Park Press Asbury Park, NJ

Article from Asbury Park Press, April 27, 1932

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Delay Claims of Long Branch Bank Citizens Receiver Told to Await Details of Reopening Plan. (Long Branch Bureau The Press) LONG April Large, receiver for the Citizens National bank city, been structed delay for claims creditors pending from the comptroller currency relative plan to reopen bank This announced today committee consisting William Campbell, Jacob Large, returned Washington last They that the office of the comptroller currency given them ceiver was advised letter instructions relative the reopening plan would forwarded plan made public by its because pending proval officials. believed plan will announced soon.

6. October 7, 1932 Asbury Park Press Asbury Park, NJ

Article from Asbury Park Press, October 7, 1932

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Plan Drive For Citizens' Capital Committee to Canvass Depositors of Branch Bank. Long Branch LONG committee of the closed Citpositors' izens' National bank met executive session City hall last night and furthered plans for the raising capital surplus needed new reopen approached within Depositors the next few days in order determine how much can subscribed. Another will be held Tuesday meeting night, during which subscription blanks will distributed. expected that drive for funds will get under within the two. No selection made two trustees to represent depositors in trust fund to be liquidated the after reopening. Under reorganization plan, depositors will be guaranteed perreturn The maining percent will be placed trust fund paid fund liquidated. will likely appoint two trustees to work with the bank liquidation of this fund. SHORE meeting Local comprising police departments of Bradley Beach, Belmar, South Belmar Spring Lake, Sea Girt held last night Bradley Beach. Routine business matters the associawere transacted.

7. October 7, 1932 Asbury Park Press Asbury Park, NJ

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ANOTHER DOCTOR CITIZENS' BANK Third Philadelphia Man Dies Receiver's Report of Injuries Suffered In Increase In Cash Ocean County. SHORE MAN TELLS POLICE CAR DROVE ACROSS HIM (Staff Correspondent) Isreal Philadelphia, day injuries suffered accident the road third victim of the Joseph Chaiken Henry shortly the collision. Kline the Paul Kimball hospital critical could not moved died operation being performed in an effort his life. Martin Wida, Brant Beach hotel prietor, driver which lided with which the doctors made statement police Toms River which clared he had been unable the and attempting when the crash occurred "They came over side the road when police quoted Wilda saying car which the three victims riding driven Dr. Louis cher Philadelphia has been moved Sinai hospital in that State expected interview him today effort to learn his verThe doctors were returning from fishing trip when accident occurred the Chatsworth road few feet from the bounding Buprilington, Ocean Police the medwere their city Wida alone his car. He seriously injured. (Continued on Page Two) Since It Closed. CLAIM PROOFS NEEDED TO DECLARE FIRST DIVIDEND (Long Branch Bureau The Press) LONG Oct. liquidation the Citizens' National bank here shown in the quarterly port released today Howard showing standing of the instituSept. The comparative report shows $276.the close of September with only hand Dec. bank the comptroller currency Washington. Assets thru from while bills receivable have to $794.since last December. Total have been reduced from to secured unpaid, been reduced ment and has paid indebtnedness Decemthe bills unpaid, compared with December Large that following his quarterly report the comptroller this month. would likely advertise (Continued on Page Two)

8. October 7, 1932 The Daily Record Long Branch, NJ

Article from The Daily Record, October 7, 1932

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Receiver Reports According report released by Howard Large, receiver the Citizens' National Bank city, rapid progress being made the of that comparative report shows hand of Sept. Cash hand when the bank closed Dec. 1931 23, was only Assets have been reduced through from $1,005,ceivable cut from since last December. Total liabilities have been reducfrom to secured unpaid, been from

9. December 20, 1932 Asbury Park Press Asbury Park, NJ

Article from Asbury Park Press, December 20, 1932

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ELECTS OFFICERS Dalton President of Long Branch Group-Assets Are $45,574. Press) LONG ton reelected of Long Branch Firemen's Relief city hall night. Lamreported total senting a loss of under last Other officers elected were Frank D. Griffith. Harry Wooland Benjamin Morris, and The following chosen to the board trustees: Slocum, Russell Bodine, George Ernest Woolley, William Whearty, Garriel, Barham William Nixon. Representatives from the nine city the firemen Dalton John Oceanic Charles Harand Robert Warwick, Atlantic fire company: Allan Griffin and Edward Slocum, Neptune fire HenHuhn Cornelius West End fire company; Uriah and Harry Bennett, Branchport fire comJoseph Schwartz and George Phil Daly hose company; William Presley and William Krieg, Oliver Byron engine company; John Quirk and William Nixson, E1. beron engine company: Frank GrifIndependent company, and John Lane and Fred exempts. The loss in assets of the under last year the closing the Citizens' National bank.

10. January 12, 1933 The Daily Record Long Branch, NJ

Article from The Daily Record, January 12, 1933

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Court Action Involves Collection Of Three Notes (By Staff Correspondent) Jan. 12-J. Harry Davis, Jr., last president of the funct Citizens National Bank of Long Branch, and the been named defendants in an action started by Howard Large, ceiver the Citizens Bank, the $4,500 the form three signed the two learned here today. The and complaint have served on Jones and Davis and they have affidavits of receipt. Large sets forth that Jones negotiated three notes for each, made payable "ourselves" and the other two Citizens National Bank. Notes made March and 15 were made able the bank were counted there. were signed Jones Davis. other dated May 22 the same was payable Jones and Davis and endorsed by them. discounted at the same All three were demand notes. Large suing for the gether with interest at the legal rate eent plus court costs. The due date was July matter will be heard Harry Truax the court Judge pleas not yet calendar. been placed the present time depositors' making efforts to the bank. open

11. January 18, 1933 The Daily Register Red Bank, NJ

Article from The Daily Register, January 18, 1933

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Bank Receiver Brings Suit. J. Harry. Davis, Jr., president of the closed Citizens' National bank of Long Branch, and Commissioner J. William Jones of that city have been named as defendants in suit brought by Howard I. Large, receiver for the bank, to collect $4,500 in the form of three notes signed by the two defendants. The matter will be heard before Judge Harry Truax in the county court.

12. April 29, 1933 Asbury Park Press Asbury Park, NJ

Article from Asbury Park Press, April 29, 1933

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DEMAND DIVIDEND CITIZENS' Committee Formed to Call Mass Meeting, Secure Part of $279,841 Now Held By Receiver. CAMPBELL SAYS ACTION WOULD ALTER REOPENING Correspondent) LONG BRANCH, April depositors of the closed Citizens National bank organized committee here last night and directed Solomon Tepper, their and committee five demand immediate payment of cash dividend. Plans made for mass meetfurther the hands Robert Sherwood. should not leased The Tuesday place to later. committee met the law offices Tepper, contended that cash dividend of percent "could and should They argued that the Asbury Park and that action did brief Tepper the disfavors reopening of the bank merely interested payment of dividend.' He said plans for reopening "have and dormant denced the last meeting the Strand theater only the needed new capital was raised." During last night's session. Tepper by receiver, March showing hand the Federal paid and expenses incurred thru liquidation. Samuel Gorcey, of the comfive to Tepper and arrange public mass urged support be for the that more than 28,000 would relieved present conditions this Would Affect Reopening Dr. William Campbell, chairman the stockholders committee, the tion the group, today that the the bank. people ask cancompel He from course, these people want that them. There general lack in this the He that the cash dividend the for would have changed paythe the bank, and therefore, necessitate the forming new Meanwhile, plans reopening with present and committees waiting word from Washington how the new federal act will affect local institution.

13. May 9, 1933 The Daily Record Long Branch, NJ

Article from The Daily Record, May 9, 1933

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Citizens Group To Go To Capital In Final Bank Effort Have To Leave Immediately Evans Says OFFICIALS NOT WILLING TO GIVE ASSISTANCE Committee Faces Alternative Of Getting Approval, Or Outside Aid In an effort to obtain final sanction of the reopening of the Citizens National Bank, tee delegation headed by City Magistrate Evans is planning trip to Washington. "Unless efforts in New York our yesterday prove cessful,' said Judge Evans this morning, will have to leave for almost Judge Evans, Morris Andrew Lustbum and Chester Slocum went to New York yesterand made bids for in the bank to the Federal reopening Reserve board of governors, the official bank examiner for this district and the Reconstruction Finance CorThe officials interviewed poration. delegation did not feel disposed help, it was reported this morning. Although the exact nature of the mission was not divulged, learned that the depositors committee faced with the ternative receiving approval of the plan accomplished date, this approval to come from the Controller Currency at outside from or Federal Reserve. Judge Evans said this morning that only of the $150,000 in stock necessary for reopening mains to be the waivers to essary have but the difficulty encountered is understood to pertain to the recent banking regulations enacted after the bank holiday atfer the plan had been started cally. The trip to Washington will be for the purpose of explaining the details the local situation to the Controll with toward obtaining special dispensations for the local bank in view its assets. The Controller has set May 15 the deadline reopening of the bank. If the and old does not by that date, dividend will be declared on Monday, the Controller's office has announced.

14. May 10, 1933 The Daily Record Long Branch, NJ

Article from The Daily Record, May 10, 1933

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Time Extension For Bank Fought; Assessment Urged Depositors Protective Committee Opposes Delay In Reopening of Citizens ON OLD STOCKHOLDERS ASKED Evans, Morris On Way To To Get Postponement Opposition to any extension of time for the reopening of the Citizens National Bank and demand on the receiver, Robert Sherwood, that an of 100 per cent made on all former stockholders of the institution were the two steps decided upon by the executive committee the Depositors Protective Committee at meeting last night. Meanwhile, City Magistrate Alton Evans, P. Morris and other members of the depositors working for reopening of the bank were their way to Washington was understood that they would seek an extension time and of the declaration of dividend already set for Monday by the Controller if the bank does not reopen. These delegates will also seek lifting of some banking restrictions that make fulfillment the complete plan improbable by Monday The meeting was held in the fices Solomon Tepper, 156 Broadway, John Panaroni, chairman of the committee presiding. Mr. Tepper ordered to opextension of the date for reopening from May 15, the deadline set the office of the Controller of Currency at Washington. Chairman Panaroni declared that the depositors would receive an additional $150,000 if the old stockholders 100 per cent on their shares by the bank He suggested that ney Tepper urge the receiver to make the and this tion was agreed upon by the committee. Mr. Tepper said this morning that the made will the depositors idend of 10 per cent in addition to the 15 per cent the mittee be paid next Monday the does not open. The 10 per cent would not be payable until some days after Mondav would take time collect the Tepper He reiterated, however, that an accountant had figured out for the protective that 15 per cent dividend could declared from in cash on hand among the assets. WHITE HEADS TELEGRAPH CO. NEW YORK, May 10. fortelegraph will become head the Western Union TeleCompany on June when White succeeds Newcomb Carl in the presidency. White, presithe Central Railroad New élected to Carlton's post vesterday at the regular meeting Western Union's board of directors. JURY Commissioner Honored At Eatontown Dinner, Dance. Jury commissioner recently appointed the Governor, who was guest of honor last night at dinner and dance at the Monmouth County Country Club, at which many officials of the county and county Republican circles attended.

15. July 11, 1933 The Daily Record Long Branch, NJ

Article from The Daily Record, July 11, 1933

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Total Assets $2,332,669, Liabilities Sherwood Total assets the Citizens National Bank of Long Branch counted and total liabilities accounted for according the quarterly statement of the bank's and reported bank receiver. bank suspended Dec. 23, 1931. The report follows: Assetr suspension (book not actual), $2,133,561.54; Additional assets acquired since suspension (book value, not actual), Stock Assessment $150,000.00; Total assets be accounted for: Cash collected from Assets, cash collected from additionassets, cash collected from stock assessment, Total cash collected from assets assessment, Offsets allowed on assets, $126,Losses charged off on assets, stock assessment, Total losses charged off $89,014.62. Remaining Assets: Uncollected assets, uncollected additional assets, uncollected stock assessment, $127,190.78; Total maining assets, $1,449,assets accounted for: $2,332,669.89. Liabilities Secured liabilities date of pension, unsecured bilities date of suspension, additional lised, $7,613.71; Total liabilities 30, Secured and preferred liabilities in unsecured liabilities offset, $126,182.74; unsecured liabilities for which receiver's certificates have been issued, $1,243,103.52; unpaid secured liabilities (Both proved and unproved), $21,liabilities not proved, $79,961.74; Total liabilities accounted Collections, Disbursements C-llections from sources: collected sessment, $622,635.34; Cash collectfrom premium, rents, cash collected receiver, and held trustee owners, $3,948.53; Reconstruction Finance Corporation Total be counted for: $671,904.70. character Secured preferred ilabilities Collateral Account held Secured Cred(Continued on Third Page)

16. August 1, 1933 The Daily Record Long Branch, NJ

Article from The Daily Record, August 1, 1933

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$70,000 PAID OUT TO 3,000 CITIZENS BANK DIVIDEND First dividend checks of per approximately the the closed Citizens National Long Branch during the first week, according Sherwood, Mr. Sherwood reported dividends already paid the 3,000 persons the $150,000 be turned over depositors. Payments began Tuesday and the days kept bank clerks busy from morning until night handling the checks, which ranged in value from cent upwards.

17. September 14, 1933 The Daily Record Long Branch, NJ

Article from The Daily Record, September 14, 1933

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EXCHANGE CLUB VOTES TO SUPPORT REOPENING OF CITIZENS BANK HERE Support of the Depositors' in its forts the closed Citizens National of Long Branch reopened voted by the Long Branch Club its luncheon-meeting the Hotel yesterday. The after Albert Fisher, for the bank committee, declared plan had formulated for presWashington. would include the taking over of the closed bank's by Newark banking said. Mayor Dorman McFaddin also spoke briefand informally, in his the city would be the gainthe bank declared he underdepositors would probably give now as they would get later bank was allowed continue in liquidation. The Rotary Club indorsed the committee's efforts week. club members discussed plans for their annual show, this the first Thursday and Friday tion Porter, AlexVineburg and Emmett Mulholland ticket committee.

18. October 10, 1933 The Daily Record Long Branch, NJ

Article from The Daily Record, October 10, 1933

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Citizens Bank To Start of $150,000 As Payment 2nd Dividend Tomorrow Institution Will Be From 9.30 To Open 5; All Urged To Claim Amounts Issuance of checks totaling proximately $150,000 will be started tomorrow morning beginning o'clock to 6,000 depositors the Citizens National Bank of Long Branch, according to an announcement today by Robert Sherwood, ceiver for the closed institution. The checks will represent the ond cent dividend payment the deposits, the first having paid starting July 25. Mr. Sherwood, the second payment, declared the bank will remain from M. each day except urday. On Saturday the payments will made noon. bank will not be open Thursday, Columbus and legal holiday, the Day No checks will be issued except those bring receiver's certificates which they their first dividends, Mr. wood He added that those who not called for their first dividends because they were small collect important they get the ceiver's certificate which shows they have claim the have not their first dividend get that second receiver's certificates same time, Mr. Sherwood sald today. connection with the announcement the second dividend Sherwood also issued payment, quarterly statement the condition the bank of last. The report shows the total cash collected by the receivSept. 30, from the time bank's suspension of business Dec. 23, 1931, was and period, cost of the collections by the ceiver was $38,834.31. The cash hand totaled approximately $190,000, which approximately $150,000 be used pay the second dividend. The report for the last quarter follows: Assets Assets at date of suspension (book not actual), $2,133,561.54; additional assets acquired since suspension (book value, not actual), $52,031.46 stock assessment, $150,000; total assets to for, $2,335,593. Cash collected from assets, $669,716.90; collected from tional assets, lected from stock assessment, total cash collected assets and stock assessments, Offsets allowed on assets, losses sets, stock assessments, none; total losses charged $115,383.98. Remaining assets: Uncollected